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Plaintiffs against ECB bond purchases follow suit


Bernd Lucke during the verdict on May 5 in Karlsruhe.
Picture: AFP

“It is absurd that the Bundestag and the Bundesrat can judge for themselves whether they are sufficiently fulfilling their duty to take action to prevent the ECB from overstepping mandates,” says Bernd Lucke – and announces that he will go to court.

DThe plaintiffs in the dispute before the Federal Constitutional Court over the ECB’s bond purchases have made another effort. Bernd Lucke, economics professor, founder of the AfD and one of the plaintiffs in the case, announced on Wednesday afternoon that law professor Hans-Detlef Horn, on behalf of a group of 1735 applicants, had submitted an application to the Federal Constitutional Court for an enforcement order to be issued.

The Federal Government and the Bundestag should be obliged to grant the complainants access to the confidential documents and to explain the alleged proportionality of the PSPP in a comprehensible manner.

“It is absurd that the Bundestag and Bundesrat can judge for themselves whether they are sufficiently fulfilling their duty to act against the ECB’s overstepping of mandates,” said Lucke. “This could lead to the goat alone being able to determine whether he is a good gardener.”

A stronger content check

However, the advance did not contain an application for enforcement against the Bundesbank’s participation in the bond purchases. But you still reserve that.

He would be asked “if the ECB has obviously not complied with its duty to assess the proportionality of the economic impact of the PSPP and the Federal Government and the Bundestag have not again assumed their responsibility to integrate”. In order to be able to judge this, the inspection of the documents kept secret is a “mandatory requirement”.

The Federal Government, the Bundestag and the Bundesbank had previously announced that the requirements of the Federal Constitutional Court had been met. An ultimatum issued by the court on May 5 to this Wednesday has expired. The critics apparently want a more substantive examination of the reaction to the judgment.

Both the Federal Government and the Bundestag as well as the Bundesbank had primarily focused on the formal fulfillment of the requirements of the Federal Constitutional Court. According to its own assessment, the Bundesbank may continue to participate in bond purchases until further notice.

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